The following post is from guest blogger Stephen F. Williams, a judge on the US Court of Appeals for the DC Circuit. My thanks to Professor Halabi for his thoughtful and discerning review. I can only hope that reviews published in the wider world will share those qualities. But as a purpose of the blog format (with which I can claim little experience) is to stir up intellectual fizz, I would like to add a bit of nuance on a couple of issues he raises.
Today, the President is likely to announce Jerome Powell as his pick for Fed Chair. It’s a move that had been telegraphed for the last few days and followed an unusually extended vetting period. The comparisons between President Trump’s personnel processes and Donald Trump’s reality television showmanship are easy to make and just as easy to criticize. Now at the end of it, my questions: what did we win and what did we lose from the Trumpian procedure and Trumpian outcomes?
President Trump and the Senate got within a few days of having four vacancies on the Fed’s Board of Governors, an ignominious milestone that has never occurred in the Fed’s history. I wrote recently in the Wall Street Journal that these vacancies–whether we have four or three or two–are deeply problematic for the Fed. First, the Fed can’t accomplish all of the tasks Congress has delegated to it with vacancies.
@JoshZumbrun@PotomacRC Agreed--but this is why I think "independence" has essentially become incoherent. It's never been about isolation--that's the myth. But nor is it true that the Fed is just another arm of Cong or Pres. The middle ground isn't as fun, but more descriptively accurate
@JoshZumbrun@scottlanman@mckonomy Yes, Feb 3 is irrelevant here. We have similar priors that Trump tiring Quarles is unlikely generally, but given how risk averse federal appointees are, small risks have big consequences.
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Selecting a term
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Twitter handles (e.g. @username) — returns those who have mentioned or replied to
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